The event management software market is poised for rapid growth with a projected CAGR of 14.3%, reaching a valuation of US$ 8,736.6 million in 2023. Forecasts indicate a potential surge to US$ 33,347.9 million by 2033, backed by a historical CAGR of 12.1%, as reported by Future Market Insights.
The event management software market is gaining rapid traction due to the growing need for event management solutions over the past few years due to the substantial increase in the number of gaming, entertainment, and sports events. Streamlining management is the key focus of the firms in this market.
According to the findings published by Billboard in June 2018, around 800 music fests are hosted in the U.S. alone, and these events attract over 32 million attendees. The need for efficient management of all such events has been driving the adoption of event management software across the region.
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FMI has analyzed that the majority of organizations are using events as a key strategy for launching new products or celebrating various events related to internal achievements and annual award ceremonies to name a few. Furthermore, corporate events are also a preferred mode for promoting a company or brand, or a product or service.
Organizations generally spend one-third of the company’s budget on events as these events could lead to an increase in sales and produce leads for future revenue generation or business. Hence, the event management software market is gaining traction during the forecast period.
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- The United States holds the highest share of the event management software market. In 2022, North America is anticipated to capture 45.0% of the global event management software market.
- The Asia Pacific is likely to increase rapidly over the forecast period. Rising urbanization and the presence of established players boost regional demand for event management software.
- From 2022 to 2032, the on-premise deployment category is expected to dominate the event management software market.
- The Entertainment and Corporate Event Planner Segment recorded a high of 34.0% in the base year and is likely to account for the highest shares during the forecast period.
- Small and Medium Sized Enterprises are expected to dominate the market based on organization size.
Competition Landscape in the Event Management Software Market
Leading industry companies are expected to concentrate on expanding their operations in Germany due to the increased adoption of event management software in this region. Significant market players are anticipated to invest in R&D initiatives for improvising the software and providing cost-effective solutions to end-users and maintaining their competitiveness during the forecast period.
Cvent Inc., InEvent, Inc. Ungerboeck, Eventzilla are some key players in the combat boot market.
Recent Developments in the Event Management Software Market:
- In February 2020, Certain, Inc., a provider of event automation software, partnered with EventOPS, a provider of strategic meeting management software.
- In November 2020, Eventbrite announced the acquisition of ToneDen, a self-service social marketing platform. The acquisition was aimed at enabling creators to attract more audiences.
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Key Segments in the Event Management Software Market
By Deployment:
- Cloud
- On-premise
By Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By End User:
- Event Management Companies
- Travel & Hospitality Companies
- Corporates
- Government
- Academic Institution
- Others
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